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Contract reading

What Altum legally published, but does not want you to read

Every clause below is published by Altum itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: ALTUM Ltd

sole discretiondeemed acceptancecontradictory termshidden feeprofit voidingwithdrawalsbonus lockkyc freezeunilateral amendmentabusive trading

Altum can reverse a profit it decides came from abusive trading, and clause 26.3 makes that finding final. You get three business days to query a trade before your silence counts as agreement. A dormant account pays $5 a month, rising to $30, until the balance reaches zero. Two Altum documents give opposite stop-out levels, so you cannot tell when your positions get closed.

Back to Altum

Contract risk

Money at risk
7.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
7
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
8
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
3

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical7
Warning12
Notice2

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical3 working daysTime to complain. Jump to the clause this comes from.Three business days to query a trade, then silence is agreementCritical$5Fee on an unused account. Jump to the clause this comes from.Dormancy fee runs until the balance reaches zeroCritical50%Account limit. Jump to the clause this comes from.Two Altum documents give opposite stop-out levelsCritical4In the contract. Jump to the clause this comes from.Signed up in Indonesian, contracted in English only

What the documents say

21 clauses worth knowing about, worst first, each quoted from Altum's own files

01

Altum can reverse any profit it decides came from abusive trading, and it does not have to tell you first. Clause 26.3 makes its own finding final.

Why this matters

Your gains stay in the account at Altum's discretion. It can also freeze withdrawals while it investigates, and no clause limits how long that lasts.

Exhibit 1CriticalHarder than usual

The Company reserves the right, at its sole discretion and without prior notice, to take any of the following actions if it reasonably suspects the Client of engaging in prohibited trading activities: (a) adjust, cancel, or reverse any Transaction or profit obtained through such activity;
Clause 26.2 in Account Opening Agreement, p.44
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 10The investigation that can take your profit can also be billed to you at a price no document states.
02

Nothing in Altum's contract says how long it has to pay a withdrawal. Clause 11.9 points you at the website and warns that delays can happen.

Why this matters

A pending withdrawal has no deadline you can hold Altum to. Clause 26.2 also lets Altum suspend withdrawals while it investigates you, for as long as that takes.

Exhibit 2CriticalHarder than usual

Withdrawal requests are generally processed within the timeframes stated on the Companyʼs Website, but delays may occur due to verification, banking procedures, or external factors.
Clause 11.9 in Account Opening Agreement, p.21
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must return a retail client's money promptly when it is asked for, and must give the client the grounds for holding it back. Altum's contract sets no deadline of its own and sends you to a webpage instead.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 18A fresh document demand can arrive at the moment you ask for your money, and neither clause sets a deadline.
03

You get three business days to query a trade or a statement. After that, clause 17.5 treats everything in it as accurate and binding on you.

Why this matters

The clock runs from receipt, not from when you notice. Clause 22.2 also binds you to trades made with your login details even if you did not authorise them.

Exhibit 3CriticalHarder than usual3 working days

The Client is required to review all confirmations and account statements and promptly report any error, discrepancy, or unauthorised transaction to the Company within three 3 Business Days of receipt.
Clause 17.4 in Account Opening Agreement, p.29
Read from the broker's site on Archived copyOpen the reference

What it costsA statement you receive on Friday has to be queried by Wednesday. From the fourth business day, clause 17.5 treats everything in it as agreed.

  • Worse together with Exhibit 14Three days to object, one year to sue, and Altum's own logs decide the facts in between.
04

Six months without activity makes your account dormant, and Altum then charges $5 a month until the balance reaches zero. The fee climbs to $30 a month after three years.

In plain words

Dormancy means an account left unused.

Why this matters

A small balance you left behind can be eaten entirely by the fee. Altum has to warn you first, and clause 15.8 lets you ask for the money back at any time.

Exhibit 4CriticalRarely seen$5

An Account shall be deemed Dormant if there has been no trading or financial activity (including deposits, withdrawals, or order placements) for a continuous period of six 6 months.
Clause 15.1 in Account Opening Agreement, p.25
Read from the broker's site on Archived copyOpen the reference

What it costsAn account left dormant with $60 in it pays $5 a month. After twelve months of fees the $60 is gone.

Our readingMost dormancy fees are a flat monthly charge. Altum's rises in four steps with the length of your absence, and the top step has no ceiling: over three years it is $30 a month or an increased amount set by Altum's own policy.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 60Altum can archive the account, cancel pending orders and switch off trading access.14.1
Month 6The account is dormant and a $5 monthly fee starts, charged until the balance reaches zero.15.2
Year 1The fee doubles to $10 a month.15.2
Year 2The fee rises to $20 a month.15.2
Year 3The fee rises to $30 a month, or more under Altum's own policy.15.2
Balance below the feeAltum takes what is left in full and can close the account, with written notice to you.15.3
05

Altum publishes two different stop-out levels. The Risk Disclosure closes your positions below 30% margin. The Order Execution Policy closes them at 50%. The Account Opening Agreement names no level at all.

Why this matters

The stop-out level decides when your trades are liquidated. You cannot work out from Altum's own documents which of the two numbers applies to your account.

Exhibit 5CriticalRarely seen50%

If the Clientʼs equity (account balance plus unrealized profit or loss) falls to 50% of the required margin, a margin call is triggered, requiring the Client to deposit additional funds or close some positions. If the Clientʼs equity subsequently declines below 30% of the required margin, the Company reserves the right to automatically close one or more open positions at the prevailing market price (“stop-outˮ) without prior notice to the Client.
Clause 4.1 in Risk Disclosure, p.4
Read from the broker's site on Open the reference

What it costsOn positions needing $1,000 of margin, one document closes you out at $500 of equity and the other at $300. The gap is $200 of your own money.

Our readingThe level at which a broker liquidates your positions is a single number. Altum publishes it twice in opposite order, and the agreement that governs the account leaves it to be defined by Altum.

06

Altum takes your registration in Indonesian, Thai, Vietnamese or Malay, then points you at documents published only in English. The box you tick says you fully understood them.

Why this matters

Four languages get you in the door. The contract behind them is English only, and clause 39.4 has you confirm you can read English.

Exhibit 6CriticalHarder than usual4

The Client agrees that all notices, disclosures, and other information required by law may be delivered in English, and that the Client is capable of reading and understanding documents written in English.
Clause 39.4 in Account Opening Agreement, p.63
Read from the broker's site on Archived copyOpen the reference
Our own capture of secure.altumbrokers.com, taken on Oct 2, 2026The claim, on Consent box on Altum's Thai client registration form, where the Terms and Conditions link opens the English legal documents pageVisit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 11The Indonesian tick box consents in advance to amendments that are published in English.

Trading near the news can void the Shield Bonus and the profit with it

Clause 2.12 of Altum's Shield Bonus terms voids the bonus and any profit made with it if you trade during critical news periods. Altum decides which events count and how wide the window is. A withdrawal also strips bonus credit worth 15% of what you take out, which can stop out your positions.

Bonus conditions2 clauses flagged

Trading around a news release can wipe out the Shield Bonus and every profit you made with it. Altum decides which events count and how wide the window is.

Why this matters

Profit taken on a volatile day can be voided after the fact. Clause 3.7 lets Altum reverse profits at its own discretion, and its finding on abusive trading is final.

Exhibit 7CriticalHarder than usual

Trading activity conducted during critical news periods, including a reasonable window before and after such events as determined by the Company, may result in the Bonus and any associated profits being voided.
Clause 2.12 in 15% Shield Bonus T&Cs, p.3
Read from the broker's site on Open the reference

Every withdrawal from the Shield Account removes bonus credit worth 15% of the amount you take out. Take out all your own money and the whole bonus goes.

Why this matters

The bonus counts as margin, so removing it shrinks what holds your positions open. Clause 2.10 says that can stop them out, and clause 3.3 says Altum is not liable.

Exhibit 8WarningHarder than usual15%

Any withdrawal of funds from the Shield Account shall result in a proportional removal of the Bonus equivalent to 15% of the withdrawal amount.
Clause 2.8 in 15% Shield Bonus T&Cs, p.3
Read from the broker's site on Open the reference

What it costsA $1,000 transfer out of the Shield Account also removes $150 of bonus credit, which is margin your open positions were using.

The schedule that sets your costs is not one of the documents you sign

Clause 12.1 makes Altum's Spreads and Conditions Schedule binding on you, and that schedule is not among the eight legal documents Altum publishes. Clause 12.2 lets Altum change spreads, commissions and margin by posting the change on its website. Clause 26.2 also lets Altum bill you for investigating you, at an unstated amount.

Cost disclosure2 clauses flagged

Altum's Spreads and Conditions Schedule sets every spread, commission and swap you pay, and clause 12.1 makes it binding on you. It is not one of the eight documents Altum publishes.

Why this matters

You agree to costs you cannot read before you deposit. Clause 12.2 lets Altum change those costs by posting them on its website, and clause 12.8 counts your next trade as acceptance.

Exhibit 9WarningHarder than usual

The Client acknowledges that all trading in CFDs and other Financial Instruments is subject to the spreads, commissions, swaps, margin requirements, and trading conditions published by the Company on its Website and in the Spreads and Conditions Schedule.
Clause 12.1 in Account Opening Agreement, p.21
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must give a retail client the costs and charges of a trade before that client trades. Altum makes a schedule binding on you and leaves it off the shelf of documents it publishes.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Altum can charge you administrative fees for investigating you, under clause 26.2. No published document says what that fee is.

Why this matters

The amount is whatever Altum decides. It comes straight out of your balance, because clause 11.6 lets Altum deduct anything it says you owe.

Exhibit 10WarningRarely seen

(g) charge administrative fees for investigation and remediation; and/or
Clause 26.2 in Account Opening Agreement, p.45
Read from the broker's site on Archived copyOpen the reference

Our readingA broker normally absorbs the cost of investigating its own clients. This clause passes that cost to you, at a price no document Altum publishes states.

Altum decides what counts as abusive trading, and that decision is final

Clause 26.2 lets Altum cancel or reverse any profit it suspects came from prohibited trading, without telling you first. Clause 26.3 makes Altum's own determination final. Your executed orders cannot be changed, but clause 12.6 lets Altum cancel trades it says were priced wrongly.

Profit at risk1 clause flagged

Once your order is executed you cannot change it. Altum can: clause 12.6 lets it cancel or adjust trades it says were priced wrongly.

Why this matters

A winning trade can be unwound later as a pricing error. The clause sets no time limit and asks nobody outside Altum to check.

Exhibit 17WarningHarder than usual

The Client acknowledges that all Orders placed via the Trading Platform shall be deemed final and binding once executed. Orders may not be cancelled, withdrawn, or amended after execution.
Clause 9.5 in Account Opening Agreement, p.17
Read from the broker's site on Archived copyOpen the reference

Altum sets the stop-out level and the terms, and can move both

Two Altum documents give opposite stop-out levels: the Risk Disclosure puts it below 30% margin and the Order Execution Policy puts it at 50%. The Account Opening Agreement names no level at all. Clause 28.3 makes a new term binding seven days after it appears on the website.

Unilateral control2 clauses flagged

Altum can rewrite any term of the agreement at any time, and a new term binds you seven days after it appears on the website. Nobody has to email you.

Why this matters

You are the one who has to check the website. Clause 28.4 treats your next trade as acceptance of terms you never saw.

Exhibit 11WarningHarder than usual7 days

The Company reserves the right to amend, modify, or replace any term of this Agreement, as well as any schedules, policies, or trading conditions referenced herein, at its sole discretion and at any time.
Clause 28.1 in Account Opening Agreement, p.47
Read from the broker's site on Archived copyOpen the reference

What it costsA term published on the first of the month binds you from the eighth, whether or not you opened the page.

Negative balance protection means you cannot lose more than you put in. Altum promises it in clause 13.10, then removes it for any breach of the agreement.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

The agreement gives Altum many ways to find a breach. Lose the protection and a gap in the market can leave you owing Altum money.

Exhibit 12WarningHarder than usual

For the avoidance of doubt, negative balance protection applies to all retail Clients, ensuring that the Client shall not lose more than the total amount deposited into their trading Account. This protection does not apply in cases of fraud, manipulation, or breach of this Agreement by the Client.
Clause 13.10 in Account Opening Agreement, p.24
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: ESMA (EU), FCA (UK), CySEC (Cyprus)

Firms under the ESMA rules, including those supervised by the FCA and CySEC, must limit a retail client's loss on a CFD to the funds in that account, with no exception for the firm's view of the client's conduct. Altum states the protection in three clauses and withdraws it in all three.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Three business days to object, then your silence is agreement

Clause 17.4 gives you three business days to report an error or an unauthorised trade, and clause 17.5 then treats the statement as conclusive. A formal complaint can take Altum up to 90 business days. After that the only step left is the Seychelles regulator, because no compensation scheme is named.

Complaint deadlines3 clauses flagged

A complaint to Altum can take up to 90 business days, which is about four months. The last word belongs to Altum's own Client Audit Department.

Why this matters

No ombudsman can order Altum to pay you. The only step past Altum is the Seychelles regulator, and a complaint Altum calls offensive is not investigated at all.

Exhibit 13WarningHarder than usual90 working days

In all cases, the Company will provide a final response within thirty 30 business days from the date of receipt. If additional time is required due to complexity, the complainant will be notified accordingly, and the resolution will not exceed ninety 90 business days.
Clause 5.3 in Complaints Handling Policy, p.4
Read from the broker's site on Open the reference

What it costsNinety business days is about eighteen weeks. A complaint made in January can still be open in May.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must answer a complaint within eight weeks and must give a retail client access to an independent ombudsman that can order the firm to pay redress. Altum's final internal step is its own department, and the only route beyond it is the regulator.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

You have one year from the event to sue Altum. Clause 25.3 caps what you can recover at the money in your account, and Altum's own records count as conclusive evidence.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

If Altum empties your account, the cap is whatever was left when the problem started. Proving your side means disproving Altum's own logs.

Exhibit 14WarningHarder than usual

The Client acknowledges and agrees that they shall not bring any claim or legal action against the Company more than one 1 year after the event giving rise to such claim occurred.
Clause 25.8 in Account Opening Agreement, p.43
Read from the broker's site on Archived copyOpen the reference

Asking your card issuer to reverse a deposit is treated as a possible attempt at fraud, under clause 31.4. Altum can close your account and report you to credit bureaus.

Why this matters

The card dispute process is the one remedy your bank controls, not Altum. Using it costs you the account and the open positions in it.

Exhibit 15WarningHarder than usual

The Client acknowledges that initiating a chargeback without legitimate cause constitutes a breach of this Agreement and may be treated as an attempt to commit fraud.
Clause 31.4 in Account Opening Agreement, p.52
Read from the broker's site on Archived copyOpen the reference
  • Worse together with Exhibit 13The internal complaint can run four months and the card route is treated as fraud, so both exits narrow at once.

You must sue Altum in Seychelles, and Altum can sue you anywhere

Clause 40.2 gives the courts of Seychelles exclusive jurisdiction over any claim you bring. Clause 40.3 has you waive any objection that the forum is inconvenient. Clause 40.4 lets Altum enforce a judgment in any country where you hold assets, and Seychelles law governs the agreement.

Where you sue1 clause flagged

Any claim you bring against Altum has to be filed in the courts of Seychelles, and you waive the right to argue that is inconvenient. Altum can sue you wherever you keep assets.

Why this matters

Taking a claim to Mahe costs more than most accounts hold. The right to pick a country runs one way only.

Exhibit 19WarningHarder than usual

The parties agree that the courts of the Republic of Seychelles shall have exclusive jurisdiction to settle any dispute, controversy, or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination.
Clause 40.2 in Account Opening Agreement, p.63
Read from the broker's site on Archived copyOpen the reference

Altum can ask for any document at any time and hold your funds until it arrives

Clause 4.3 lets Altum demand more documents at any point in the relationship. No document lists what it may ask for, and none sets a deadline for Altum's own review. Failure to supply them can suspend or close your account, and clause 11.9 allows a fresh request at the moment you withdraw.

Verification demands1 clause flagged

Altum can ask you for any document at any time and suspend the account until you send it. No clause limits the list, and none sets a deadline for Altum's own review.

Why this matters

The request can arrive at the moment you ask for your money. Clause 38.6 also lets Altum withhold funds if a tax form is missing.

Exhibit 18WarningStandard wording

The Company may request additional documentation or information at any time throughout the business relationship to satisfy its due-diligence and regulatory obligations. Failure to provide such documentation may result in the Company suspending or terminating the Account.
Clause 4.3 in Account Opening Agreement, p.10
Read from the broker's site on Archived copyOpen the reference

Altum is the other side of your trade and the only venue you can use

The Order Execution Policy makes Altum the principal and the only execution venue, so its own prices are the only prices you get. Altum's Conflict of Interest Policy admits it acts as counterparty to client transactions. Clause 9.7 also lets Altum refuse any order without giving a reason.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty risk1 clause flagged

Altum takes the other side of your trade and is the only place you can trade, so its prices are the only prices. Clause 9.7 also lets Altum refuse any order without giving a reason.

Why this matters

Your loss is Altum's gain on the same trade. That is normal for this model, but the refusal right means Altum can decline the order you most want filled.

Exhibit 16WarningStandard wording

The Company acts as principal and sole execution venue for all transactions executed by clients. All trading is conducted on an Over-the-Counter OTC basis and not on a regulated exchange or Multilateral Trading Facility MTF.
Clause 2.2 in Order execution policy, p.2
Downloaded from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must take all sufficient steps to get the best possible result for a client and must disclose conflicts clearly. Altum is its own execution venue, so the best possible result is measured against prices Altum sets.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Client money is segregated, and no compensation scheme stands behind it

Clause 11.1 puts client money in a segregated account, and Altum's Risk Disclosure says segregation gives no absolute protection. No document names a compensation or investor protection scheme. Deposits pass through Zenwave Services Limited, a Cyprus company, and clause 11.4 disclaims Altum's liability if a third party holding your funds fails.

Who holds your money2 clauses flagged

Client money sits in a segregated account, and no compensation scheme stands behind it. Altum's own Risk Disclosure says you could face a partial loss if the firm or its bank fails.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

If Altum fails, no fund pays you back. Your deposits also pass through a Cyprus payment company, and clause 11.4 disclaims Altum's liability if that company fails.

Exhibit 20NoticeStandard wording

The Company shall maintain a segregated Client Money account (the “Client Accountˮ) with a reputable financial institution in accordance with the FSAʼs client-money requirements.
Clause 11.1 in Account Opening Agreement, p.19
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC belong to a compensation scheme that pays a retail client back, up to a limit, if the firm fails. No document Altum publishes names any such scheme.

Altum is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Altum's Bonus Terms say the company you deal with is Altum Brokers Ltd. Every other document says ALTUM Ltd, trading as Altum Brokers, and the two privacy clauses name different laws.

Why this matters

You need to know which company holds your money and which law protects your data. These documents give you two answers to each.

Exhibit 21Notice

The 15% Shield Bonus (hereinafter referred to as the “Bonusˮ) is a promotional incentive offered by Altum Brokers Ltd (hereinafter referred to as the “Companyˮ) to eligible clients, subject to the terms and conditions set out herein.
Clause 1.1 in 15% Shield Bonus T&Cs, p.2
Read from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

Altum asks an Indonesian speaker to declare they fully understood terms it publishes only in English.

Said in public, in Indonesian

Dengan mengeklik 'Daftar' di bawah, saya menyatakan telah membaca, memahami sepenuhnya, menerima, dan memberikan persetujuan saya terhadap Syarat dan Ketentuan sebagaimana diubah dari waktu ke waktu.

Word for word in English: By clicking 'Register' below, I declare that I have read, fully understood, accepted and given my consent to the Terms and Conditions as amended from time to time.

Consent box on Altum's Indonesian client registration form, where the Terms and Conditions link opens the English legal documents page

In the contract · clause 39.4

The Client agrees that all notices, disclosures, and other information required by law may be delivered in English, and that the Client is capable of reading and understanding documents written in English.

02

The Thai form collects consent in Thai, and the contract says only the English wording counts.

Said in public, in Thai

โดยการคลิก 'สมัครสมาชิก' ด้านล่าง ข้าพเจ้าขอยืนยันว่าได้อ่าน ทำความเข้าใจ ยอมรับ และให้ความยินยอมต่อ ข้อกำหนดและเงื่อนไข ซึ่งอาจได้รับการแก้ไขเป็นครั้งคราว

Word for word in English: By clicking 'Sign up' below, I confirm that I have read, understood, accepted and given my consent to the Terms and Conditions, which may be amended from time to time.

Consent box on Altum's Thai client registration form, where the Terms and Conditions link opens the English legal documents page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of secure.altumbrokers.com

In the contract · clause 39.2

The Client acknowledges that any translation of this Agreement or related documents into another language is provided for convenience only. In the event of inconsistency or conflict between the English version and a translation, the English version shall prevail.

03

One Altum policy stops you out at 50% and calls at 30%, the other does the exact opposite.

Said in public, in English

Stop-out levels occur at 50% margin level, and margin calls are issued at 30%, unless otherwise stated in the client agreement.

Order Execution Policy, clause 6.3

In the contract · clause 4.1

If the Clientʼs equity (account balance plus unrealized profit or loss) falls to 50% of the required margin, a margin call is triggered, requiring the Client to deposit additional funds or close some positions. If the Clientʼs equity subsequently declines below 30% of the required margin, the Company reserves the right to automatically close one or more open positions at the prevailing market price (“stop-outˮ) without prior notice to the Client.

The documents this reading is based on

8 files, all published by Altum. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording Altum publishes.

How this reading was done

Every clause above was read out of a document Altum publishes itself

This reading was published on .

Documents
7 of 8downloaded from the broker's site, and 7 read in full
Pages opened
46pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
EN vs ID vs THthe language it advertises in, against the language it contracts in

Who the contract is with

ALTUM Ltd

You contract with ALTUM Ltd, a Seychelles company with registration number 84348351, registered at House of Francis, Room 302, Ile Du Port, Mahe. It holds Securities Dealer's Licence No. SD194 from the Seychelles Financial Services Authority and trades as Altum Brokers. Altum is not an agent acting for you: clause 3.2 makes it the principal on the other side of every trade you place. The Bonus Terms and parts of the Risk Disclosure name a different company, Altum Brokers Ltd, which is neither the registered name nor the stated trading name. Your deposits are handled by Zenwave Services Limited, a Cyprus company with registration number HE 477396, which holds no licence named in these documents and is not a party to your agreement.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Altum publishes all eight of its legal documents as free downloads in one place, and the set is complete enough to audit. Negative balance protection is written into the contract for every retail client, which many offshore brokers refuse to offer. The dormancy fees are published with exact amounts. Altum must warn you before charging them, and clause 15.8 lets you ask for dormant money back at any time. The Conflict of Interest Policy admits in writing that Altum acts as counterparty to client trades. The Complaints Handling Policy sets real deadlines and names the Seychelles regulator with its address and email.

We read all eight of Altum's legal documents end to end. No earlier version of them is available, so this is a first reading with nothing to compare against. The leverage tier table in the Order Execution Policy did not come through as text, so we did not read the tiers themselves. The Spreads and Conditions Schedule, which clause 12.1 makes binding on you, is not among the eight documents, so we could not read what it charges. Every public claim quoted here comes from a page we opened ourselves: Altum's registration form in English, Indonesian and Thai. We did not read Altum's deposit, pricing or fund safety pages, so the promises made there are not set against the contract here.

How to check any of this yourself

Every quote above links to the Altum file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document Altum publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge Altum on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 2, 2026.

If you represent Altum and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on Altum. Whether its licence is real and current is a separate check on the broker profile.

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